W&T Offshore (WTI) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Entity Central Index Key	0001288403
Entity Registrant Name	W&T OFFSHORE, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-32414
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	72-1121985
Entity Address, Address Line One	5718 Westheimer Road, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057-5745
City Area Code	713
Local Phone Number	626-8525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		143,012,124
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	WTI
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 215,475	$ 245,799
Restricted cash	4,417	4,417
Receivables:
Oil and natural gas sales	92,693	54,919
Joint interest, net	14,221	9,745
Total receivables	106,914	64,664
Prepaid expenses and other assets (Note 1)	103,061	43,379
Total current assets	429,867	358,259
Oil and natural gas properties and other, net (Note 1)	731,692	665,252
Restricted deposits for asset retirement obligations	21,958	16,019
Deferred income taxes	103,238	102,505
Other assets (Note 1)	63,392	51,172
Total assets	1,350,147	1,193,207
Current liabilities:
Accounts payable	69,195	67,409
Undistributed oil and natural gas proceeds	33,575	36,243
Advances from joint interest partners	6,521	15,072
Asset retirement obligations	67,274	56,419
Accrued liabilities (Note 1)	209,845	106,140
Current portion of long-term debt	39,881	42,960
Income tax payable	177	133
Total current liabilities	426,468	324,376
Long-term debt, net (Note 2)	680,436	687,938
Asset retirement obligations, less current portion	407,682	368,076
Other liabilities (Note 1)	80,338	55,389
Deferred income taxes	113	113
Commitments and contingencies (Note 12)	4,495	4,495
Shareholders' deficit:
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at March 31, 2022 and December 31, 2021
Common stock, $0.00001 par value; 200,000 shares authorized; 145,881 issued and 143,012 outstanding at March 31, 2022; 145,732 issued and 142,863 outstanding at December 31, 2021	1	1
Additional paid-in capital	553,175	552,923
Retained deficit	(778,394)	(775,937)
Treasury stock, at cost; 2,869 shares at March 31, 2022 and December 31, 2021	(24,167)	(24,167)
Total shareholders' deficit	(249,385)	(247,180)
Total liabilities and shareholders' deficit	$ 1,350,147	$ 1,193,207

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	145,881	145,732
Common stock, shares outstanding (in shares)	143,012	142,863
Treasury stock, shares (in shares)	2,869	2,869

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 191,004	$ 125,647
Operating expenses:
Lease operating expenses	43,411	42,357
Gathering, transportation and production taxes	5,267	6,315
Depreciation, depletion, and amortization	24,675	20,769
Asset retirement obligations accretion	6,236	5,868
General and administrative expenses	13,776	10,712
Total operating expenses	93,365	86,021
Operating income	97,639	39,626
Interest expense, net	19,883	15,034
Derivative loss	79,997	24,578
Other expense, net	905	963
Loss before income taxes	(3,146)	(949)
Income tax benefit	(689)	(203)
Net loss	$ (2,457)	$ (746)
Net loss per common share:
Basic	$ (0.02)	$ (0.01)
Diluted	$ (0.02)	$ (0.01)
Weighted average common shares outstanding
Basic	142,942	142,151
Diluted	142,942	142,151
Oil and Condensate [Member]
Revenues:
Total revenues	$ 122,702	$ 78,140
Natural Gas Liquids [Member]
Revenues:
Total revenues	13,820	9,359
Natural Gas, Production [Member]
Revenues:
Total revenues	51,366	36,209
Product and Service, Other [Member]
Revenues:
Total revenues	$ 3,116	$ 1,939

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2020	142,305			2,869
Balances at Dec. 31, 2020	$ 1	$ 550,339	$ (734,459)	$ (24,167)	$ (208,286)
Share-based compensation	0	454	0	0	454
Net loss	$ 0	0	(746)	$ 0	(746)
Balances (in shares) at Mar. 31, 2021	142,305			2,869
Balances at Mar. 31, 2021	$ 1	550,793	(735,205)	$ (24,167)	(208,578)
Balances (in shares) at Dec. 31, 2021	142,863			2,869
Balances at Dec. 31, 2021	$ 1	552,923	(775,937)	$ (24,167)	(247,180)
Share-based compensation	$ 0	520	0	0	520
Stock Issued (in shares)	149
Stock Issued	$ 0	0	0	$ 0	0
RSUs surrendered for payroll taxes		(268)			(268)
Net loss			(2,457)		(2,457)
Balances (in shares) at Mar. 31, 2022	143,012			2,869
Balances at Mar. 31, 2022	$ 1	$ 553,175	$ (778,394)	$ (24,167)	$ (249,385)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (2,457)	$ (746)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	30,911	26,637
Amortization of debt items and other items	2,594	2,019
Share-based compensation	520	454
Derivative loss	79,997	24,578
Derivative cash payments, net	(30,515)	(4,604)
Deferred income taxes	(733)	(203)
Changes in operating assets and liabilities:
Oil and natural gas receivables	(37,774)	(11,101)
Joint interest receivables	(4,476)	(4,394)
Prepaid expenses and other assets	(12,183)	(7,575)
Income tax	44
Asset retirement obligation settlements	(5,492)	(962)
Cash advances from JV partners	(8,550)	(1,023)
Accounts payable, accrued liabilities and other	15,651	21,884
Net cash provided by operating activities	27,537	44,964
Investing activities:
Investment in oil and natural gas properties and equipment	(17,439)	(1,575)
Changes in operating assets and liabilities associated with investing activities	2,630	(1,758)
Acquisition of property interests	(30,153)	0
Purchases of furniture, fixtures and other		2
Net cash used in investing activities	(44,962)	(3,331)
Financing activities:
Repayments on credit facility		(32,000)
Repayments on Term Loan	(12,630)
Debt issuance costs	(269)
Net cash used in financing activities	(12,899)	(32,000)
(Decrease) increase in cash and cash equivalents	(30,324)	9,633
Cash and cash equivalents and restricted cash, beginning of period	250,216	43,726
Cash and cash equivalents and restricted cash, end of period	$ 219,892	$ 53,359

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Nature of Operations W&T Offshore, Inc. (with subsidiaries referred to herein as “W&T” or the “Company”) is an independent oil and natural gas producer with substantially all of its operations offshore in the Gulf of Mexico. The Company is active in the exploration, development and acquisition of oil and natural gas properties. Interests in fields, leases, structures and equipment are primarily owned by the Company and its 100% owned subsidiaries, W & T Energy VI, LLC, Aquasition LLC (“A-I, LLC”), and Aquasition II, LLC (“A-II LLC), and through a proportionately consolidated interest in Monza Energy LLC (“Monza”), as described in more detail in Note 6 – Joint Venture Drilling Program Basis of Presentation Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (the “2021 Annual Report”). Reclassification – For presentation purposes, as of March 31, 2021, Derivative loss has been reclassified from “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on our results of operations, financial position or cash flows. For presentation purposes, as of March 31, 2021, Gathering and transportation and Production taxes have been combined into one line item within “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on our results of operations, financial position or cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates. Summary of Significant Accounting Policies Revenue and Accounts Receivable – Revenue from the sale of crude oil, natural gas liquids (“NGLs”) and natural gas is recognized when performance obligations under the terms of the respective contracts are satisfied; this generally occurs with the delivery of crude oil, NGLs and natural gas to the customer. Revenue is concentrated with certain major oil and gas companies. There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2022. The Company also has receivables related to joint interest arrangements primarily with mid-size oil and gas companies with a substantial majority of the net receivable balance concentrated in less than ten companies. A loss methodology is used to develop the allowance for credit losses on material receivables to estimate the net amount to be collected. The loss methodology uses historical data, current market conditions and forecasts of future economic conditions. Our maximum exposure at any time would be the receivable balance. Joint interest receivables on the Condensed Consolidated Balance Sheet are presented net of allowance for credit losses of $10.9 million and $10.0 million as of March 31, 2022 and December 31, 2021, respectively. Employee Retention Credit – General and administrative expenses Prepaid Expenses and Other Assets – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Derivatives (1) ​ $ 77,658 ​ $ 21,086 Unamortized insurance/bond premiums ​ 7,291 ​ 5,400 Prepaid deposits related to royalties ​ 9,189 ​ 8,441 Prepayment to vendors ​ 4,461 ​ 4,522 Prepayments to joint interest partners ​ ​ 2,653 ​ ​ 2,808 Debt issue costs ​ ​ 1,763 ​ ​ 1,065 Other ​ 46 ​ 57 Prepaid expenses and other assets ​ $ 103,061 ​ $ 43,379 ​ (1) Includes closed contracts which have not yet settled. Oil and Natural Gas Properties and Other, Net – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Oil and natural gas properties and equipment ​ $ 8,727,521 ​ $ 8,636,408 Furniture, fixtures and other ​ 20,845 ​ 20,844 Total property and equipment ​ 8,748,366 ​ 8,657,252 Less: Accumulated depreciation, depletion, amortization and impairment ​ 8,016,674 ​ 7,992,000 Oil and natural gas properties and other, net ​ $ 731,692 ​ $ 665,252 ​ Other Assets (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Right-of-Use assets ​ $ 10,604 ​ $ 10,602 Investment in White Cap, LLC ​ 2,740 ​ 2,533 Proportional consolidation of Monza (Note 6) ​ (531) ​ 2,511 Derivatives (1) ​ 49,550 ​ 34,435 Other ​ 1,029 ​ 1,091 Total other assets (long-term) ​ $ 63,392 ​ $ 51,172 ​ (1) Includes open contracts and prepaid premiums paid for purchased put and call options. ​ Accrued Liabilities – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Accrued interest ​ $ 25,405 ​ $ 10,154 Accrued salaries/payroll taxes/benefits ​ 3,997 ​ 9,617 Litigation accruals ​ 500 ​ 646 Lease liability ​ 1,409 ​ 1,115 Derivatives (1) ​ 177,298 ​ 81,456 Other ​ 1,236 ​ 3,152 Total accrued liabilities ​ $ 209,845 ​ $ 106,140 ​ (1) Includes closed contracts which have not yet settled. ​ ​ Other Liabilities (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Dispute related to royalty deductions ​ $ 4,937 ​ $ 5,177 Derivatives (Note 8) ​ 63,318 ​ 37,989 Lease liability ​ 10,936 ​ 11,227 Other ​ 1,147 ​ 996 Total other liabilities (long-term) ​ $ 80,338 ​ $ 55,389 ​ ​ ​ At-the-Market Equity Offering – under our "at-the-market" equity offering program (the "ATM Program").

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt [Text Block]	NOTE 2 — DEBT The components comprising the Company’s debt are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 178,229 ​ $ 190,859 Unamortized debt issuance costs ​ ​ (6,108) ​ ​ (7,545) Total Term Loan ​ 172,121 ​ 183,314 ​ ​ ​ ​ ​ ​ ​ Credit Agreement borrowings: ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Senior Second Lien Notes: ​ ​ Principal ​ 552,460 ​ 552,460 Unamortized debt issuance costs ​ (4,264) ​ (4,876) Total Senior Second Lien Notes ​ 548,196 ​ 547,584 ​ ​ ​ ​ ​ ​ ​ Less current portion ​ ​ (39,881) ​ ​ (42,960) Total long-term debt, net ​ $ 680,436 ​ $ 687,938 ​ Current Portion of Long-Term Debt Term Loan (Subsidiary Credit Agreement) On May 19, 2021, A-I LLC and A-II LLC (collectively, the “Subsidiary Borrowers”), both Delaware limited liability companies and indirect, wholly-owned subsidiaries of W&T Offshore, Inc., entered into a credit agreement (the “Subsidiary Credit Agreement”) providing for a term loan in an aggregate principal amount equal to $215.0 million (the “Term Loan”). The Term Loan requires quarterly amortization payments commencing September 30, 2021. The Term Loan bears interest at a fixed rate of 7% per annum and will mature on May 19, 2028. The Term Loan is non-recourse to the Company and any subsidiaries other than the Subsidiary Borrowers and the subsidiary that owns the equity in the Subsidiary Borrowers, and is secured by the first lien security interests in the equity of the Subsidiary Borrowers and a first lien mortgage security interest and mortgages on certain assets of the Subsidiary Borrowers (the Mobile Bay Properties, defined below). ​ In exchange for the net cash proceeds received by the Subsidiary Borrowers from the Term Loan, the Company assigned to (a) A-I LLC all of its interests in certain oil and gas leasehold interests and associated wells and units located in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, in the Mobile Bay region (such assets, the “Mobile Bay Properties”) and (b) A-II LLC its interest in certain gathering and processing assets located (i) in State of Alabama waters and U.S. federal waters in the offshore Gulf of Mexico, in the Mobile Bay region and (ii) onshore near Mobile, Alabama, including offshore gathering pipelines, an onshore crude oil treating and sweetening facility, an onshore gathering pipeline, and associated assets (such assets, the “Midstream Assets”). A portion of the proceeds to the Company was used to repay the $48.0 million outstanding balance on its reserve-based lending facility under the Credit Agreement (defined below), with the majority of the proceeds to W&T expected to be used for general corporate purposes, including oil and gas acquisitions, development activities, and other opportunities to grow the Company’s broader asset base. The transactions contemplated by the Subsidiary Credit Agreement, including the assignment of the Mobile Bay Properties to A-I LLC and the assignment of the Midstream Assets to A-II LLC are referred to herein as the “Mobile Bay Transaction”. For information about the Mobile Bay Transaction refer to Note 5 – Mobile Bay Transaction ​ Credit Agreement On November 2, 2021, the Company entered into the Ninth Amendment to the Sixth Amended and Restated Credit Agreement (the “Ninth Amendment”), which establishes a short-term $100.0 million first priority lien secured revolving facility with borrowings limited to a borrowing base of $50.0 million (the “Credit Agreement”) provided by Calculus Lending, LLC (“Calculus”), a company affiliated with, and controlled by W&T’s Chairman and Chief Executive Officer, Tracy W. Krohn, as sole lender under the Credit Agreement. A committee of the independent members of the Board of Directors reviewed and approved the amendments given the Chief Executive Officer’s affiliation with Calculus. As of November 2, 2021, the Company cash collateralized each of the outstanding letters of credit in the aggregate amount of approximately $4.4 million. Alter Domus (US) LLC was appointed to replace Toronto Dominion (Texas) LLC as administrative agent under the Credit Agreement. ​ On March 8, 2022, the Company entered into the Tenth Amendment to Credit Agreement (the “Tenth Amendment”), which extended the maturity date and Calculus’ commitment to January 3, 2023. As a result of the Ninth Amendment and Tenth Amendment and related assignments and agreements, the · The revised borrowing base is $50.0 million. · The commitment will expire and final maturity of any and all outstanding loans is January 3, 2023. Outstanding borrowings will accrue interest at LIBOR plus · · · to 1.00. ● As of the last day of any fiscal quarter commencing with the fiscal quarter ending March 31, 2022, the Company and its restricted subsidiaries on a consolidated basis must pass a “Stress Test” consisting of an analysis conducted by the lender in good faith and in consultation with the Company based upon the latest engineering report furnished to lender, which analysis is designed to determine whether the future net revenues expected to accrue to the Company’s and its guarantor subsidiaries’ interest (and the interest of certain joint ventures) in the oil and gas properties included in the properties used to determine the latest borrowing base during half of the remaining expected economic lives of such properties are sufficient to satisfy the aggregate first lien indebtedness of the Company and its restricted subsidiaries in accordance with the terms of such indebtedness assuming the revolving credit facility is 100% funded or fully utilized. ● In connection with the Tenth Amendment, Calculus was paid arrangement and upfront fees of approximately $1.0 million in the aggregate during the three months ended March 31, 2022. ​ Availability under the Credit Agreement is subject to redetermination of our borrowing base that may be requested at the discretion of either the lender or the Company in accordance with the Credit Agreement. The borrowing base is calculated by the lender based on their evaluation of proved reserves and their own internal criteria. Any redetermination by the lender to change the borrowing base will result in a similar change in the availability under the Credit Agreement. The Credit Agreement is secured by a first priority lien on substantially all of the Company’s and its guarantor subsidiaries’ assets, excluding those assets of the Subsidiary Borrowers, which liens were released in the Mobile Bay Transaction (as described in Note 5 – Mobile Bay Transaction ​ As of March 31, 2022, we had no borrowings outstanding under the Credit Agreement. Separately, as of March 31, 2022 and December 31, 2021, the Company had $4.4 million, outstanding in letters of credit which have been cash collateralized. ​ 9.75% Senior Second Lien Notes Due 2023 On October 18, 2018, W&T issued $625.0 million of 9.75% Senior Second Lien Notes due 2023 (the “Senior Second Lien Notes”), which were issued at par with an interest rate of 9.75% per annum and mature on November 1, 2023, and are governed under the terms of the Indenture of the Senior Second Lien Notes (the “Indenture”). The estimated annual effective interest rate on the Senior Second Lien Notes is 10.3%, which includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 and November 1 of each year. During the year ended December 31, 2020, we acquired $72.5 million in principal of our outstanding Senior Second Lien Notes for $23.9 million and recorded a non-cash gain on purchase of debt of $47.5 million, which included a reduction of $1.1 million related to the write-off of unamortized debt issuance costs. No such transactions were completed during the three months ended March 31, 2022. As a result of these purchases, $552.5 million in principal amount of Senior Second Lien Notes remains issued and outstanding as of March 31, 2022 and December 31, 2021. The Senior Second Lien Notes are secured by a second-priority lien on all of our assets that are secured under the Credit Agreement, which does not include the Mobile Bay Properties and the related Midstream Assets. The Senior Second Lien Notes contain covenants that limit or prohibit our ability and the ability of certain of our subsidiaries to: (i) make investments; (ii) incur additional indebtedness or issue certain types of preferred stock; (iii) create certain liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments from the Company’s subsidiaries to the Company; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company; (vii) engage in transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or subordinated indebtedness; and (ix) create subsidiaries that would not be restricted by the covenants of the Indenture. These covenants are subject to exceptions and qualifications set forth in the Indenture. In addition, most of the above described covenants will terminate if both S&P Global Ratings, a division of S&P Global Inc., and Moody’s Investors Service, Inc. assign the Senior Second Lien Notes an investment grade rating and no default exists with respect to the Senior Second Lien Notes. Covenants As of March 31, 2022 and for all prior measurement periods presented, the Company was in compliance with all applicable covenants of the Credit Agreement and the Indenture. Fair Value Measurements For information about fair value measurements of long-term debt, refer to Note 3 – Fair Value Measurements

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 3 — FAIR VALUE MEASUREMENTS ​ Derivative Financial Instruments The Company measures the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The inputs used for the fair value measurement of open derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity future prices. Open derivative financial instruments are reported in the Condensed Consolidated Balance Sheets using fair value. See Note 8 – Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Assets: ​ ​ Derivative instruments - open contracts, current ​ $ 73,090 ​ $ 19,215 Derivative instruments - open contracts, long-term ​ 49,550 ​ 34,435 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - open contracts, current ​ 157,348 ​ 73,190 Derivative instruments - open contracts, long-term ​ 63,318 ​ 37,989 ​ Debt The fair value of the Term Loan was measured using a discounted cash flows model and current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not a highly liquid market. The fair value of our debt was classified as Level 2 within the valuation hierarchy. See Note 2 – Debt The following table presents the net value and fair value of our long-term debt (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Net Value Fair Value Net Value Fair Value Liabilities: ​ ​ ​ ​ Term Loan ​ $ 172,121 ​ $ 173,210 ​ $ 183,314 ​ $ 190,579 Senior Second Lien Notes ​ 548,196 ​ 551,162 ​ 547,584 ​ 527,715 Total ​ ​ 720,317 ​ ​ 724,372 ​ ​ 730,898 ​ ​ 718,294 ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Asset Acquisition [Abstract]
ACQUISITIONS	NOTE 4 — ACQUISITIONS ​ On January 5, 2022, the Company entered into a purchase and sale agreement with ANKOR E&P Holdings Corporation and KOA Energy LP (“ANKOR”) to acquire their interests in and operatorship of certain oil and natural gas producing properties in federal shallow waters in the Gulf of Mexico at Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields for $47.0 million. The transaction closed on February 1, 2022, and after normal and customary post-effective date adjustments (including net operating cash flow attributable to the properties from the effective date of July 1, 2021 to the close date), cash consideration of approximately $30.2 million was paid to the sellers. The transaction was funded using cash on hand. The Company also assumed the related asset retirement obligations (“ARO”) associated with these assets. ​ The Company determined that the assets acquired did not meet the definition of a business; therefore, the transaction was accounted for as an asset acquisition. Acquisitions qualifying as an asset acquisition requires, among other items, that the cost of the assets acquired and liabilities assumed to be recognized on the Condensed Consolidated Balance Sheets by allocating the asset cost on a relative fair value basis. The fair value measurements of the oil and natural gas properties acquired and asset retirement obligations assumed were derived utilizing an income approach and based, in part, on significant inputs not observable in the market. These inputs represent Level 3 measurements in the fair value hierarchy and include, but are not limited to, estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and appropriate discount rates. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation. Transaction costs incurred on an asset acquisition are capitalized as a component of the assets acquired. The amounts recorded on the Condensed Consolidated Balance Sheet for the purchase price allocation and liabilities assumed are presented in the following table (in thousands): ​ ​ ​ ​ ​ ​ February 1, 2022 Oil and natural gas properties and other, net ​ $ 50,450 Restricted deposits for asset retirement obligations ​ 6,196 Asset retirement obligations ​ (26,493) Allocated purchase price ​ $ 30,153 ​

MOBILE BAY TRANSACTION

MOBILE BAY TRANSACTION	3 Months Ended
	Mar. 31, 2022
Notes To Financial Statements [Abstract]
Mobile Bay Transaction	NOTE 5 — MOBILE BAY TRANSACTION ​ On May 19, 2021, the Company’s wholly-owned special purpose vehicles (the “SPVs”), A-I LLC and A-II LLC or the Subsidiary Borrowers, entered into the Subsidiary Credit Agreement providing for the Term Loan in an aggregate principal amount equal to $215.0 million. Proceeds of the Term Loan were used by the Subsidiary Borrowers to (i) fund the acquisition of the Mobile Bay Properties and the Midstream Assets from the Company and (ii) pay fees, commissions and expenses in connection with the transactions contemplated by the Subsidiary Credit Agreement and the other related loan documents, including to enter into certain swap and put derivative contracts described in more detail under Note 8 – Derivative Financial Instruments ​ As part of the Mobile Bay Transaction, the SPVs entered into a management services agreement (the “Services Agreement”) with the Company, pursuant to which the Company will provide (a) certain operational and management services for i) the Mobile Bay Properties and ii) the Midstream Assets and (b) certain corporate, general and administrative services for A-I LLC and A-II LLC (collectively in this capacity, the “Services Recipient”). Under the Services Agreement, the Company will indemnify the Services Recipient with respect to claims, losses or liabilities incurred by the Services Agreement Parties that relate to personal injury or death or property damage of the Company, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Services Recipient. The Services Recipient will indemnify the Company with respect to claims, losses or liabilities incurred by the Company that relate to personal injury or death of the Services Recipient or property damage of the Services Recipient, in each case, arising out of performance of the Services Agreement, except to the extent of the gross negligence or willful misconduct of the Company. The Services Agreement will terminate upon the earlier of (a) termination of the Subsidiary Credit Agreement and payment and satisfaction of all obligations thereunder or (b) the exercise of certain remedies by the secured parties under the Subsidiary Credit Agreement and the realization by such secured parties upon any of the collateral under the Subsidiary Credit Agreement. ​ The SPVs are wholly-owned subsidiaries of the Company; however, the assets of the SPVs will not be available to satisfy the debt or contractual obligations of any non-SPV entities, including debt securities or other contractual obligations of W&T Offshore, Inc., and the SPVs do not bear any liability for the indebtedness or other contractual obligations of any non-SPVs, and vice versa. ​ Consolidation and Carrying Amounts ​ As of March 31, 2022, W&T recorded $33.4 million in Cash and cash equivalents, $275.5 million, in Oil and natural gas properties and other, net , $39.9 million in Current portion of long-term debt, $56.0 million in Asset retirement obligations , and $132.2 million in Long-term debt, net in the Condensed Consolidated Balance Sheet related to the consolidation of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers. As of December 31, 2021, W&T recorded $38.9 million in Cash and cash equivalents, $272.7 million, in Oil and natural gas properties and other, net , $43.0 million in Current portion of long-term debt, $54.5 million in Asset retirement obligations , and $140.4 million in Long-term debt, net in the Condensed Consolidated Balance Sheet related to the consolidation of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers . During the three months ended March 31, 2022, W&T recognized $47.5 million in Total revenues , $19.6 million in Operating costs and expenses , $96.2 million in Derivative loss , and $4.8 million in Interest expense, net in the Condensed Consolidated Statement of Operations related to the consolidation of the operations of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers. No revenues or expenses were recorded in the three months ended March 31, 2021 related to the consolidation of the Subsidiary Borrowers and the subsidiary that owns the equity of the Subsidiary Borrowers as the transaction was effective subsequent to March 31, 2021. ​

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Joint Venture Drilling Program [Text Block]	NOTE 6 — JOINT VENTURE DRILLING PROGRAM ​ In March 2018, W&T and two other initial members formed and initially funded Monza, which jointly participates with us in the exploration, drilling and development of certain drilling projects (the “Joint Venture Drilling Program”) in the Gulf of Mexico. Subsequent to the initial closing, additional investors joined as members of Monza during 2018 and total commitments by all members, including W&T’s commitment to fund its retained interest in Monza projects held outside of Monza, was $361.4 million. W&T contributed 88.94% of its working interest in certain identified undeveloped drilling projects to Monza and retained 11.06% of its working interest. The Joint Venture Drilling Program is structured so that we initially receive an aggregate of 30.0% of the revenues less expenses, through both our direct ownership of our retained working interest in the Monza projects and our indirect interest through our interest in Monza, for contributing 20.0% of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed-upon rates. Any exceptions to this structure are approved by the Monza board. The members of Monza are third-party investors, W&T and an entity owned and controlled by Mr. Tracy W. Krohn, our Chairman and Chief Executive Officer. The Krohn entity invested as a minority investor on the same terms and conditions as the third-party investors, and its investment is limited to 4.5% of total invested capital within Monza. The entity affiliated with Mr. Krohn made a capital commitment to Monza of $14.5 million. Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not available to pay creditors of the Company and its affiliates. Through March 31, 2022, ten wells have been completed since the inception of the Joint Venture Drilling Program. W&T is the operator for eight of the ten wells completed through March 31, 2022. Through March 31, 2022, members of Monza made partner capital contributions, including our contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $95.8 million. W&T’s net contribution to Monza, reduced by distributions received, as of March 31, 2022 was $47.8 million. Consolidation and Carrying Amounts W&T’s interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through March 31, 2022, there have been no events or changes that would cause a redetermination of the variable interest status. W&T does not fully consolidate Monza because the Company is not considered the primary beneficiary of Monza. ​ As of March 31, 2022, W&T recorded $2.1 million, net, in Oil and natural gas properties and other, net Other assets Asset retirement obligations Oil and natural gas properties and other, net Other assets Advances from joint interest partners ​ For the three months ended March 31, 2022, W&T recorded $6.5 million in Total revenues Operating costs and expenses Total revenues Operating costs and expenses

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	NOTE 7 — ASSET RETIREMENT OBLIGATIONS ​ AROs represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to ARO is as follows (in thousands): ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 Asset retirement obligations, beginning of period ​ $ 424,495 Liabilities settled ​ (5,492) Accretion of discount ​ 6,236 Liabilities incurred and assumed through acquisition ​ 26,493 Revisions of estimated liabilities (1) ​ 23,224 Asset retirement obligations, end of period ​ ​ 474,956 Less current portion ​ (67,274) Long-term ​ $ 407,682 ​ ​ ​ (1) Revisions in 2022 were primarily due to moving additional projects to current term and increases in current pricing.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 8 — DERIVATIVE FINANCIAL INSTRUMENTS W&T’s market risk exposure relates primarily to commodity prices. The Company attempts to mitigate a portion of its commodity price risk and stabilize cash flows associated with sales of oil and natural gas production through the use of oil and natural gas swaps, costless collars, sold calls and purchased puts. W&T has elected not to designate commodity derivative contracts for hedge accounting. Accordingly, commodity derivatives are recorded on the Condensed Consolidated Balance Sheets at fair value with settlements of such contracts, and changes in the unrealized fair value, recorded as Derivative loss on the Condensed Consolidated Statements of Operations in each period presented. Net cash provided by operating activities The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (“NYMEX”). The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open derivative contracts as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil - WTI (NYMEX) ​ (Bbls) (1) ​ (Bbls) (1) ​ ​ ($/Bbls) (1) ​ ​ ($/Bbls) (1) ​ ​ ($/Bbls) (1) Apr 2022 - Nov 2022 ​ swaps ​ 2,410 ​ 588,027 ​ $ 52.83 ​ $ — ​ $ — Apr 2022 - Nov 2022 collars 2,403 586,377 $ — $ 43.15 $ 60.47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas - Henry Hub (NYMEX) ​ (MMbtu) (2) ​ (MMbtu) (2) ​ ​ ($/MMbtu) (2) ​ ​ ($/MMbtu) (2) ​ ​ ($/MMbtu) (2) Apr 2022 - Dec 2022 ​ calls ​ 111,519 ​ 30,667,734 ​ $ — ​ $ — ​ $ 3.78 Jan 2023 - Dec 2023 ​ calls ​ 70,000 ​ 25,550,000 ​ $ — ​ $ — ​ $ 3.50 Jan 2024 - Dec 2024 ​ calls ​ 65,000 ​ 23,790,000 ​ $ — ​ $ — ​ $ 3.50 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 3.50 Apr 2022 - Dec 2022 ​ collars ​ 42,218 ​ 11,610,000 ​ $ — ​ $ 1.85 ​ $ 3.02 Apr 2022 - Nov 2022 ​ swaps ​ 16,224 ​ 3,958,540 ​ $ 2.52 ​ $ — ​ $ — Apr 2022 - Dec 2022 (3) ​ swaps ​ 78,545 ​ 21,600,000 ​ $ 2.55 ​ $ — ​ $ — Jan 2023 - Dec 2023 (3) ​ swaps ​ 72,329 ​ 26,400,000 ​ $ 2.48 ​ $ — ​ $ — Jan 2024 - Dec 2024 (3) ​ swaps ​ 65,574 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (3) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (3) ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (3) ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (3) ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (3) ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — (1) Bbls – Barrels ​ (2) MMbtu – Million British Thermal Units ​ (3) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 5 – Mobile Bay Transaction). ​ ​ The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, unamortized premiums, and closed contracts which had not yet settled (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Prepaid expenses and other current assets ​ $ 77,658 ​ $ 21,086 Other assets (long-term) ​ 49,550 ​ 34,435 Accrued liabilities ​ 177,298 ​ 81,456 Other liabilities (long-term) ​ ​ 63,318 ​ ​ 37,989 ​ The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. Changes in the fair value and settlements of contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Realized loss ​ $ 43,694 ​ $ 8,244 Unrealized loss ​ ​ 36,303 ​ ​ 16,334 Derivative loss ​ $ 79,997 ​ $ 24,578 ​ Cash payments on commodity derivative contract settlements, net, are included within Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Derivative loss ​ $ 79,997 ​ $ 24,578 Derivative cash payments, net ​ ​ (30,515) ​ ​ (4,604) ​

SHARE-BASED AWARDS AND CASH BAS

SHARE-BASED AWARDS AND CASH BASED AWARDS	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 9 — SHARE-BASED AWARDS AND CASH BASED AWARDS The W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan (as amended from time to time, the “Plan”) was approved by the Company’s shareholders in 2010. Under the Plan, the Company may issue, subject to the approval of the Board of Directors, stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, performance units or shares, cash awards, substitute awards or any combination of the foregoing to employees, directors and consultants. Share-Based Awards to Employees Restricted Stock Units (“RSUs”) Performance Share Units (“PSUs”) Share-Based Awards to Non-Employee Directors There was no activity related to Restricted Shares during the three months ended March 31, 2022. Restricted Shares currently outstanding relate to the 2021 grants. ​ Share-Based Compensation Expense Share-based compensation expense is recorded in the line General and administrative expense The Company did not grant any share-based awards during the three months ended March 31, 2022. As such, all share-bases incentive compensation expense recognized during the three months ended March 31, 2022 relates to awards granted in prior periods. A summary of incentive compensation expense under share-based payment arrangements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Restricted stock units ​ $ 251 ​ $ 338 Performance share units ​ ​ 205 ​ ​ — Restricted Shares ​ 64 ​ 116 Total ​ $ 520 ​ $ 454 ​ Cash-Based Incentive Compensation In addition to share-based compensation, both short-term and long-term cash-based incentive awards were granted under the Plan to all eligible employees in 2021. The short-term cash-based incentive awards granted in 2021 were paid in March 2022. No cash-based incentive awards were granted during the three months ended March 31, 2022. Share-Based Awards and Cash-Based Awards Compensation Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Share-based compensation included in: ​ ​ ​ ​ General and administrative expenses ​ $ 520 ​ $ 454 Cash-based incentive compensation included in: ​ ​ Lease operating expense (1) ​ 255 ​ 839 General and administrative expenses (1) ​ 1,957 ​ 2,682 Total charged to operating (loss) income ​ $ 2,732 ​ $ 3,975 (1) Includes adjustments of accruals to actual payments.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 10 — INCOME TAXES Tax Benefit and Tax Rate – Valuation Allowance – on our deferred tax assets, we consider whether it is more likely than not that some portion or all of them will not be realized. As of March 31, 2022 and December 31, 2021, our valuation allowance was $25.8 million and $24.4 million, respectively, and relates primarily to state net operating losses and the disallowed interest expense limitation carryover. Income Taxes Receivable, Refunds and Payments – . The tax years 2018 through 2021 remain open to examination by the tax jurisdictions to which we are subject. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 11 — EARNINGS PER SHARE The following table presents the calculation of basic and diluted (loss) earnings per common share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Net loss ​ $ (2,457) ​ $ (746) Less portion allocated to nonvested shares ​ — ​ — Net loss allocated to common shares ​ $ (2,457) ​ $ (746) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 142,942 ​ 142,151 Dilutive effect of securities ​ ​ — ​ ​ — Weighted average common shares outstanding - diluted ​ ​ 142,942 ​ ​ 142,151 Earnings per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.02) ​ $ (0.01) Diluted ​ ​ (0.02) ​ ​ (0.01) ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive (weighted-average) ​ ​ 717 ​ ​ 919 ​

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 12 — CONTINGENCIES Appeal with the Office of Natural Resources Revenue (“ONRR”) – , , , . Notices of Proposed Civil Penalty Assessments – The first and second installments were paid in March 2021 and March 2022, respectively . In addition, W&T committed to implement a Safety Improvement Plan with various deliverables due over a period ending in 2022, which we are on schedule to complete before the deadline . Retained Liabilities Related to Divested Property Interests – Other Claims – ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	NOTE 13 — SUBSEQUENT EVENTS ​ On April 1, 2022, the Company entered into a purchase and sale agreement with an undisclosed private seller to acquire the remaining working interests in certain oil and natural gas producing properties in federal shallow waters of the Gulf of Mexico at the Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields purchased during the three months ended March 31, 2022 from ANKOR. The transaction had an effective date and closing date of April 1, 2022. ​

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (the “2021 Annual Report”).
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassification – For presentation purposes, as of March 31, 2021, Derivative loss has been reclassified from “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on our results of operations, financial position or cash flows. For presentation purposes, as of March 31, 2021, Gathering and transportation and Production taxes have been combined into one line item within “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on our results of operations, financial position or cash flows.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates.
Revenue from Contract with Customer and Accounts Receivable [Policy Text Block]	Revenue and Accounts Receivable – Revenue from the sale of crude oil, natural gas liquids (“NGLs”) and natural gas is recognized when performance obligations under the terms of the respective contracts are satisfied; this generally occurs with the delivery of crude oil, NGLs and natural gas to the customer. Revenue is concentrated with certain major oil and gas companies. There have been no significant changes to the Company’s contracts with customers during the three months ended March 31, 2022. The Company also has receivables related to joint interest arrangements primarily with mid-size oil and gas companies with a substantial majority of the net receivable balance concentrated in less than ten companies. A loss methodology is used to develop the allowance for credit losses on material receivables to estimate the net amount to be collected. The loss methodology uses historical data, current market conditions and forecasts of future economic conditions. Our maximum exposure at any time would be the receivable balance. Joint interest receivables on the Condensed Consolidated Balance Sheet are presented net of allowance for credit losses of $10.9 million and $10.0 million as of March 31, 2022 and December 31, 2021, respectively.
Employee Retention Credit [Policy Text Block]	Employee Retention Credit – General and administrative expenses
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Derivatives (1) ​ $ 77,658 ​ $ 21,086 Unamortized insurance/bond premiums ​ 7,291 ​ 5,400 Prepaid deposits related to royalties ​ 9,189 ​ 8,441 Prepayment to vendors ​ 4,461 ​ 4,522 Prepayments to joint interest partners ​ ​ 2,653 ​ ​ 2,808 Debt issue costs ​ ​ 1,763 ​ ​ 1,065 Other ​ 46 ​ 57 Prepaid expenses and other assets ​ $ 103,061 ​ $ 43,379 ​ (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment, Policy [Policy Text Block]	Oil and Natural Gas Properties and Other, Net – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Oil and natural gas properties and equipment ​ $ 8,727,521 ​ $ 8,636,408 Furniture, fixtures and other ​ 20,845 ​ 20,844 Total property and equipment ​ 8,748,366 ​ 8,657,252 Less: Accumulated depreciation, depletion, amortization and impairment ​ 8,016,674 ​ 7,992,000 Oil and natural gas properties and other, net ​ $ 731,692 ​ $ 665,252
Other Noncurrent Assets [Policy Text Block]	Other Assets (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Right-of-Use assets ​ $ 10,604 ​ $ 10,602 Investment in White Cap, LLC ​ 2,740 ​ 2,533 Proportional consolidation of Monza (Note 6) ​ (531) ​ 2,511 Derivatives (1) ​ 49,550 ​ 34,435 Other ​ 1,029 ​ 1,091 Total other assets (long-term) ​ $ 63,392 ​ $ 51,172
Accrued Liabilities Policy [Policy Text Block]	Accrued Liabilities – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Accrued interest ​ $ 25,405 ​ $ 10,154 Accrued salaries/payroll taxes/benefits ​ 3,997 ​ 9,617 Litigation accruals ​ 500 ​ 646 Lease liability ​ 1,409 ​ 1,115 Derivatives (1) ​ 177,298 ​ 81,456 Other ​ 1,236 ​ 3,152 Total accrued liabilities ​ $ 209,845 ​ $ 106,140
Other Noncurrent Liabilities [Policy Text Block]	Other Liabilities (long-term) – ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Dispute related to royalty deductions ​ $ 4,937 ​ $ 5,177 Derivatives (Note 8) ​ 63,318 ​ 37,989 Lease liability ​ 10,936 ​ 11,227 Other ​ 1,147 ​ 996 Total other liabilities (long-term) ​ $ 80,338 ​ $ 55,389
At The Market Equity Offering Policy, [Policy Text Block]	At-the-Market Equity Offering – under our "at-the-market" equity offering program (the "ATM Program").

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Derivatives (1) ​ $ 77,658 ​ $ 21,086 Unamortized insurance/bond premiums ​ 7,291 ​ 5,400 Prepaid deposits related to royalties ​ 9,189 ​ 8,441 Prepayment to vendors ​ 4,461 ​ 4,522 Prepayments to joint interest partners ​ ​ 2,653 ​ ​ 2,808 Debt issue costs ​ ​ 1,763 ​ ​ 1,065 Other ​ 46 ​ 57 Prepaid expenses and other assets ​ $ 103,061 ​ $ 43,379 ​ (1) Includes closed contracts which have not yet settled.
Property, Plant and Equipment [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Oil and natural gas properties and equipment ​ $ 8,727,521 ​ $ 8,636,408 Furniture, fixtures and other ​ 20,845 ​ 20,844 Total property and equipment ​ 8,748,366 ​ 8,657,252 Less: Accumulated depreciation, depletion, amortization and impairment ​ 8,016,674 ​ 7,992,000 Oil and natural gas properties and other, net ​ $ 731,692 ​ $ 665,252
Schedule of Other Assets, Noncurrent [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Right-of-Use assets ​ $ 10,604 ​ $ 10,602 Investment in White Cap, LLC ​ 2,740 ​ 2,533 Proportional consolidation of Monza (Note 6) ​ (531) ​ 2,511 Derivatives (1) ​ 49,550 ​ 34,435 Other ​ 1,029 ​ 1,091 Total other assets (long-term) ​ $ 63,392 ​ $ 51,172
Schedule of Accrued Liabilities [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Accrued interest ​ $ 25,405 ​ $ 10,154 Accrued salaries/payroll taxes/benefits ​ 3,997 ​ 9,617 Litigation accruals ​ 500 ​ 646 Lease liability ​ 1,409 ​ 1,115 Derivatives (1) ​ 177,298 ​ 81,456 Other ​ 1,236 ​ 3,152 Total accrued liabilities ​ $ 209,845 ​ $ 106,140
Other Noncurrent Liabilities [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Dispute related to royalty deductions ​ $ 4,937 ​ $ 5,177 Derivatives (Note 8) ​ 63,318 ​ 37,989 Lease liability ​ 10,936 ​ 11,227 Other ​ 1,147 ​ 996 Total other liabilities (long-term) ​ $ 80,338 ​ $ 55,389

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Debt Instruments [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Term Loan: ​ ​ ​ ​ ​ ​ Principal ​ $ 178,229 ​ $ 190,859 Unamortized debt issuance costs ​ ​ (6,108) ​ ​ (7,545) Total Term Loan ​ 172,121 ​ 183,314 ​ ​ ​ ​ ​ ​ ​ Credit Agreement borrowings: ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Senior Second Lien Notes: ​ ​ Principal ​ 552,460 ​ 552,460 Unamortized debt issuance costs ​ (4,264) ​ (4,876) Total Senior Second Lien Notes ​ 548,196 ​ 547,584 ​ ​ ​ ​ ​ ​ ​ Less current portion ​ ​ (39,881) ​ ​ (42,960) Total long-term debt, net ​ $ 680,436 ​ $ 687,938

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Assets: ​ ​ Derivative instruments - open contracts, current ​ $ 73,090 ​ $ 19,215 Derivative instruments - open contracts, long-term ​ 49,550 ​ 34,435 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Derivative instruments - open contracts, current ​ 157,348 ​ 73,190 Derivative instruments - open contracts, long-term ​ 63,318 ​ 37,989
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ Net Value Fair Value Net Value Fair Value Liabilities: ​ ​ ​ ​ Term Loan ​ $ 172,121 ​ $ 173,210 ​ $ 183,314 ​ $ 190,579 Senior Second Lien Notes ​ 548,196 ​ 551,162 ​ 547,584 ​ 527,715 Total ​ ​ 720,317 ​ ​ 724,372 ​ ​ 730,898 ​ ​ 718,294

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Asset Acquisition [Abstract]
Schedule of purchase price allocation and liabilities assumed	​ ​ ​ ​ ​ ​ February 1, 2022 Oil and natural gas properties and other, net ​ $ 50,450 Restricted deposits for asset retirement obligations ​ 6,196 Asset retirement obligations ​ (26,493) Allocated purchase price ​ $ 30,153

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 Asset retirement obligations, beginning of period ​ $ 424,495 Liabilities settled ​ (5,492) Accretion of discount ​ 6,236 Liabilities incurred and assumed through acquisition ​ 26,493 Revisions of estimated liabilities (1) ​ 23,224 Asset retirement obligations, end of period ​ ​ 474,956 Less current portion ​ (67,274) Long-term ​ $ 407,682 ​ ​ ​ (1) Revisions in 2022 were primarily due to moving additional projects to current term and increases in current pricing.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open derivative contracts as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ Daily ​ Total ​ Weighted ​ Weighted ​ Weighted Period Type Volumes Volumes Strike Price Put Price Call Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Oil - WTI (NYMEX) ​ (Bbls) (1) ​ (Bbls) (1) ​ ​ ($/Bbls) (1) ​ ​ ($/Bbls) (1) ​ ​ ($/Bbls) (1) Apr 2022 - Nov 2022 ​ swaps ​ 2,410 ​ 588,027 ​ $ 52.83 ​ $ — ​ $ — Apr 2022 - Nov 2022 collars 2,403 586,377 $ — $ 43.15 $ 60.47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural Gas - Henry Hub (NYMEX) ​ (MMbtu) (2) ​ (MMbtu) (2) ​ ​ ($/MMbtu) (2) ​ ​ ($/MMbtu) (2) ​ ​ ($/MMbtu) (2) Apr 2022 - Dec 2022 ​ calls ​ 111,519 ​ 30,667,734 ​ $ — ​ $ — ​ $ 3.78 Jan 2023 - Dec 2023 ​ calls ​ 70,000 ​ 25,550,000 ​ $ — ​ $ — ​ $ 3.50 Jan 2024 - Dec 2024 ​ calls ​ 65,000 ​ 23,790,000 ​ $ — ​ $ — ​ $ 3.50 Jan 2025 - Mar 2025 ​ calls ​ 62,000 ​ 5,580,000 ​ $ — ​ $ — ​ $ 3.50 Apr 2022 - Dec 2022 ​ collars ​ 42,218 ​ 11,610,000 ​ $ — ​ $ 1.85 ​ $ 3.02 Apr 2022 - Nov 2022 ​ swaps ​ 16,224 ​ 3,958,540 ​ $ 2.52 ​ $ — ​ $ — Apr 2022 - Dec 2022 (3) ​ swaps ​ 78,545 ​ 21,600,000 ​ $ 2.55 ​ $ — ​ $ — Jan 2023 - Dec 2023 (3) ​ swaps ​ 72,329 ​ 26,400,000 ​ $ 2.48 ​ $ — ​ $ — Jan 2024 - Dec 2024 (3) ​ swaps ​ 65,574 ​ 24,000,000 ​ $ 2.46 ​ $ — ​ $ — Jan 2025 - Mar 2025 (3) ​ swaps ​ 63,333 ​ 5,700,000 ​ $ 2.72 ​ $ — ​ $ — Apr 2025 - Dec 2025 (3) ​ puts ​ 62,182 ​ 17,100,000 ​ $ — ​ $ 2.27 ​ $ — Jan 2026 - Dec 2026 (3) ​ puts ​ 55,890 ​ 20,400,000 ​ $ — ​ $ 2.35 ​ $ — Jan 2027 - Dec 2027 (3) ​ puts ​ 52,603 ​ 19,200,000 ​ $ — ​ $ 2.37 ​ $ — Jan 2028 - Apr 2028 (3) ​ puts ​ 49,587 ​ 6,000,000 ​ $ — ​ $ 2.50 ​ $ — (1) Bbls – Barrels ​ (2) MMbtu – Million British Thermal Units ​ (3) These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Mobile Bay Transaction (see Note 5 – Mobile Bay Transaction). ​
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 Prepaid expenses and other current assets ​ $ 77,658 ​ $ 21,086 Other assets (long-term) ​ 49,550 ​ 34,435 Accrued liabilities ​ 177,298 ​ 81,456 Other liabilities (long-term) ​ ​ 63,318 ​ ​ 37,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Realized loss ​ $ 43,694 ​ $ 8,244 Unrealized loss ​ ​ 36,303 ​ ​ 16,334 Derivative loss ​ $ 79,997 ​ $ 24,578
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Derivative loss ​ $ 79,997 ​ $ 24,578 Derivative cash payments, net ​ ​ (30,515) ​ ​ (4,604)

SHARE-BASED AWARDS AND CASH B_2

SHARE-BASED AWARDS AND CASH BASED AWARDS (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Restricted stock units ​ $ 251 ​ $ 338 Performance share units ​ ​ 205 ​ ​ — Restricted Shares ​ 64 ​ 116 Total ​ $ 520 ​ $ 454
Schedule of Incentive Compensation Expense [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Share-based compensation included in: ​ ​ ​ ​ General and administrative expenses ​ $ 520 ​ $ 454 Cash-based incentive compensation included in: ​ ​ Lease operating expense (1) ​ 255 ​ 839 General and administrative expenses (1) ​ 1,957 ​ 2,682 Total charged to operating (loss) income ​ $ 2,732 ​ $ 3,975 (1) Includes adjustments of accruals to actual payments.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Net loss ​ $ (2,457) ​ $ (746) Less portion allocated to nonvested shares ​ — ​ — Net loss allocated to common shares ​ $ (2,457) ​ $ (746) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding - basic ​ 142,942 ​ 142,151 Dilutive effect of securities ​ ​ — ​ ​ — Weighted average common shares outstanding - diluted ​ ​ 142,942 ​ ​ 142,151 Earnings per common share: ​ ​ ​ ​ ​ ​ Basic ​ $ (0.02) ​ $ (0.01) Diluted ​ ​ (0.02) ​ ​ (0.01) ​ ​ ​ ​ ​ ​ ​ Shares excluded due to being anti-dilutive (weighted-average) ​ ​ 717 ​ ​ 919

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Mar. 17, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Oil and Gas Joint Interest Billing Receivables, Allowance for Credit Loss, Current		$ 10,900,000		$ 10,000,000
At The Market Equity Offering [Member]
Sale of Stock, Maximum Percentage of Placement Fee	3.00%
Issuance and sale of common stock	$ 100,000,000
General and Administrative Expense [Member]
Employee Retention Credit		$ 0	$ 2,100,000
W&T Energy VI, LLC, Aquasition LLC, and Aquasition II, LLC [Member]
Owned Subsidiaries		100.00%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details)
Derivatives (Note 8)	[1]	$ 77,658	$ 21,086
Unamortized insurance/bond premiums		7,291	5,400
Prepaid deposits related to royalties		9,189	8,441
Prepayment to vendors		4,461	4,522
Prepayments to joint interest partners		2,653	2,808
Debt issue costs		1,763	1,065
Other		46	57
Prepaid expenses and other assets		$ 103,061	$ 43,379
[1]	Includes closed contracts which have not yet settled.

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details)
Oil and natural gas properties and equipment, at cost	$ 8,727,521	$ 8,636,408
Furniture, fixtures and other	20,845	20,844
Total property and equipment	8,748,366	8,657,252
Less: Accumulated depreciation, depletion, amortization and impairment	8,016,674	7,992,000
Oil and natural gas properties and other, net	$ 731,692	$ 665,252

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Assets (Long-term) (Details)
Right-of-Use assets		$ 10,604	$ 10,602
Investment in White Cap, LLC		2,740	2,533
Proportional consolidation of Monza (Note 6)		(531)	2,511
Derivatives (Note 8)	[1]	49,550	34,435
Other		1,029	1,091
Total other assets (long-term)		$ 63,392	$ 51,172
[1]	Includes open contracts and prepaid premiums paid for purchased put and call options.

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Accrued interest		$ 25,405	$ 10,154
Accrued salaries/payroll taxes/benefits		3,997	9,617
Litigation accruals		500	646
Lease liability		1,409	1,115
Derivatives (Note 8)	[1]	177,298	81,456
Other		1,236	3,152
Total accrued liabilities		$ 209,845	$ 106,140
[1]	Includes closed contracts which have not yet settled.

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Dispute related to royalty deductions	$ 4,937	$ 5,177
Derivatives (Note 8)	63,318	37,989
Lease liability	10,936	11,227
Other	1,147	996
Total other liabilities (long-term)	$ 80,338	$ 55,389

DEBT - Components of Long-term

DEBT - Components of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total	$ 720,317	$ 730,898
Less current portion	(39,881)	(42,960)
Total long-term debt, net	680,436	687,938
Term Loan [Member]
Principal	178,229	190,859
Unamortized debt issuance costs	(6,108)	(7,545)
Total	172,121	183,314
Senior Second Lien Notes Due November 2023 [Member]
Principal	552,460	552,460
Unamortized debt issuance costs	(4,264)	(4,876)
Total	$ 548,196	$ 547,584

DEBT (Details Textual)

DEBT (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Nov. 02, 2021USD ($)	May 19, 2021USD ($)	Oct. 18, 2018USD ($)
Current portion of long-term debt	$ 39,881		$ 42,960
Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage					7.00%
Term Loan [Member] | Special Purpose Vehicles, A-I LLC And A-II LLC [Member]
Current portion of long-term debt	39,900		43,000
Debt Instrument, Face Amount					$ 215,000
Credit Agreement [Member]
Borrowings outstanding	0
Repayments of Long-term Debt, Total	48,000
Letters of Credit Outstanding, Amount	4,400		4,400
Senior Second Lien Notes Due November 2023 [Member]
Debt Instrument, Face Amount	552,500		$ 552,500			$ 625,000
Debt Instrument, Interest Rate, Stated Percentage						9.75%
Debt Instrument, Interest Rate, Effective Percentage						10.30%
Extinguishment of Debt, Amount		$ 72,500
Repayments of Long-term Debt, Total		23,900
Gain (Loss) on Extinguishment of Debt, Total		47,500
Write off of Deferred Debt Issuance Cost		$ 1,100
Short Term First Priority Lien Secured Revolving Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 100,000
Calculus Lending Facility [Member]
Letters of Credit Outstanding, Amount				4,400
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000			$ 50,000
Commitment fee percentage for unused Portion	3.00%
Number of trailing quarters | item	4
Total proved PV -10 to debt ratio	2
Percentage of funding or utilization of the credit facility	100.00%
Credit Agreement Leverage Ratio	2.50
Credit Agreement Minimum Current Ratio	1.00%
Line Of Credit Facility, Arrangement and Upfront Fees Paid	$ 1,000
Calculus Lending Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	6.00%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Derivative instruments - open contracts, current	[1]	$ 77,658	$ 21,086
Derivative instruments - open contracts, long-term	[2]	49,550	34,435
Derivative instruments - open contracts, current	[1]	177,298	81,456
Derivative instruments - open contracts, long-term		63,318	37,989
Open Contracts [Member]
Derivative instruments - open contracts, current		73,090	19,215
Derivative instruments - open contracts, long-term		49,550	34,435
Derivative instruments - open contracts, current		157,348	73,190
Derivative instruments - open contracts, long-term		$ 63,318	$ 37,989
[1]	Includes closed contracts which have not yet settled.
[2]	Includes open contracts and prepaid premiums paid for purchased put and call options.

FAIR VALUE MEASUREMENTS - Net v

FAIR VALUE MEASUREMENTS - Net value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term debt, net value	$ 720,317	$ 730,898
Long-term debt, fair value	724,372	718,294
Term Loan [Member]
Long-term debt, net value	172,121	183,314
Long-term debt, fair value	173,210	190,579
Senior Second Lien Notes Due November 2023 [Member]
Long-term debt, net value	548,196	547,584
Long-term debt, fair value	$ 551,162	$ 527,715

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	Feb. 01, 2022	Jan. 05, 2022	Mar. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Oil and natural gas properties and other, net			$ 731,692	$ 665,252
Restricted deposits for asset retirement obligations			21,958	16,019
Asset retirement obligations			$ 67,274	$ 56,419
Interests in and Operatorship of Certain Oil and Natural Gas Producing Properties [Member]
Asset Acquisition [Line Items]
Total consideration		$ 47,000
Cash consideration	$ 30,200
Oil and natural gas properties and other, net	50,450
Restricted deposits for asset retirement obligations	6,196
Asset retirement obligations	26,493
Allocated purchase price	$ 30,153

MOBILE BAY TRANSACTION (Details

MOBILE BAY TRANSACTION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	May 19, 2021
Cash and cash equivalents	$ 215,475		$ 245,799
Oil and natural gas properties and other, net	731,692		665,252
Current portion of long-term debt	39,881		42,960
Asset retirement obligations	67,274		56,419
Long-term	407,682		368,076
Total revenues	191,004	$ 125,647
Derivative loss	79,997	24,578
Interest expense, net	19,883	15,034
Special Purpose Vehicles, A-I LLC And A-II LLC [Member] | Term Loan [Member]
Principal				$ 215,000
Cash and cash equivalents	33,400		38,900
Oil and natural gas properties and other, net	275,500		272,700
Current portion of long-term debt	39,900		43,000
Asset retirement obligations	56,000		54,500
Long-term	132,200		$ 140,400
Total revenues	47,500	$ 0
Operating costs and expenses	19,600
Derivative loss	96,200
Interest expense, net	$ 4,800

JOINT VENTURE DRILLING PROGRAM

JOINT VENTURE DRILLING PROGRAM (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Property, Plant and Equipment, Net, Ending Balance		$ 731,692		$ 665,252
Other Assets, Noncurrent, Total		63,392		51,172
Asset Retirement Obligation, Ending Balance		474,956		424,495
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 191,004	$ 125,647
JV Drilling Program [Member]
Number of wells completed | item		10
Number of completed wells in operation | item		8
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance		$ 2,100		3,500
Other Assets, Noncurrent, Total		500		2,500
Increase Decrease In Working Capital		11,000		4,600
Cash Call Balance		6,500		14,800
Asset Retirement Obligation, Ending Balance		300		$ 300
Revenue from Contract with Customer, Excluding Assessed Tax, Total		6,500	2,500
Operating Costs and Expenses, Total		3,300	$ 3,400
Monza Energy, LLC [Member] | JV Drilling Program [Member]
Number of initial members | item	2
Amount committed by investors	$ 361,400
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06
Oil And Gas Revenue Percent	30
Well Cost Percent	20
Capital Contribution Payments From Related Party		302,400
Capital Contributions From Related Party During Period		95,800
Capital Contribution Payments To Related Party Net		$ 47,800
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Minority Interest Ownership Percentage By Joint Venture	4.5
Capital Commitment To Joint Venture	$ 14,500

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Note 7 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details)
Asset retirement obligations, beginning of period	$ 424,495
Liabilities settled	(5,492)
Accretion of discount	6,236	$ 5,868
Liabilities incurred and assumed through acquisition	26,493
Revisions of estimated liabilities	23,224
Asset retirement obligations, end of period	474,956
Less current portion	(67,274)		$ (56,419)
Long-term	$ 407,682		$ 368,076

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Open Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2022MMBTUbbl$ / MMBTU$ / bbl
NYMEX Crude Oil Swap | Apr 2022 - Nov 2022
Average daily volume | bbl	2,410
Total Volumes | bbl	588,027
Weighted Price (in dollars per share) | $ / bbl	52.83
NYMEX Crude Oil Collar | Apr 2022 - Nov 2022
Average daily volume | bbl	2,403
Total Volumes | bbl	586,377
NYMEX Crude Oil Collar | Apr 2022 - Nov 2022 | Put Option
Weighted Price (in dollars per share) | $ / bbl	43.15
NYMEX Crude Oil Collar | Apr 2022 - Nov 2022 | Call Option
Weighted Price (in dollars per share) | $ / bbl	60.47
NYMEX Natural Gas Henry Hub Call | Apr 2022 - Dec 2022
Average daily volume	111,519
Total Volumes	30,667,734
NYMEX Natural Gas Henry Hub Call | Apr 2022 - Dec 2022 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	3.78
NYMEX Natural Gas Henry Hub Call | Jan 2023 - Dec 2023
Average daily volume	70,000
Total Volumes	25,550,000
NYMEX Natural Gas Henry Hub Call | Jan 2023 - Dec 2023 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	3.50
NYMEX Natural Gas Henry Hub Call | Jan 2024 - Dec 2024
Average daily volume	65,000
Total Volumes	23,790,000
NYMEX Natural Gas Henry Hub Call | Jan 2024 - Dec 2024 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	3.50
NYMEX Natural Gas Henry Hub Call | Jan 2025 - Dec 2025
Average daily volume	62,000
Total Volumes	5,580,000
NYMEX Natural Gas Henry Hub Call | Jan 2025 - Dec 2025 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	3.50
NYMEX Natural Gas Henry Hub Collar | Apr 2022 - Dec 2022
Average daily volume	42,218
Total Volumes	11,610,000
NYMEX Natural Gas Henry Hub Collar | Apr 2022 - Dec 2022 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	1.85
NYMEX Natural Gas Henry Hub Collar | Apr 2022 - Dec 2022 | Call Option
Weighted Price (in dollars per share) | $ / MMBTU	3.02
NYMEX Natural Gas Henry Hub Swap | Apr 2022 - Nov 2022
Average daily volume	16,224
Total Volumes	3,958,540
Weighted Price (in dollars per share) | $ / MMBTU	2.52
NYMEX Natural Gas Henry Hub Swap | Apr 2022 - Dec 2022
Average daily volume	78,545
Total Volumes	21,600,000
Weighted Price (in dollars per share) | $ / MMBTU	2.55
NYMEX Natural Gas Henry Hub Swap | Jan 2023 - Dec 2023
Average daily volume	72,329
Total Volumes	26,400,000
Weighted Price (in dollars per share) | $ / MMBTU	2.48
NYMEX Natural Gas Henry Hub Swap | Jan 2024 - Dec 2024
Average daily volume	65,574
Total Volumes	24,000,000
Weighted Price (in dollars per share) | $ / MMBTU	2.46
NYMEX Natural Gas Henry Hub Swap | Jan 2025 - Mar 2025
Average daily volume	63,333
Total Volumes	5,700,000
Weighted Price (in dollars per share) | $ / MMBTU	2.72
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Dec 2025
Average daily volume	62,182
Total Volumes	17,100,000
NYMEX Natural Gas Henry Hub Put | Apr 2025 - Dec 2025 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.27
NYMEX Natural Gas Henry Hub Put | Jan 2026 - Dec 2026
Average daily volume	55,890
Total Volumes	20,400,000
NYMEX Natural Gas Henry Hub Put | Jan 2026 - Dec 2026 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.35
NYMEX Natural Gas Henry Hub Put | Jan 2027 - Dec 2027
Average daily volume	52,603
Total Volumes	19,200,000
NYMEX Natural Gas Henry Hub Put | Jan 2027 - Dec 2027 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.37
NYMEX Natural Gas Henry Hub Put | Jan 2028 - Apr 2028
Average daily volume	49,587
Total Volumes	6,000,000
NYMEX Natural Gas Henry Hub Put | Jan 2028 - Apr 2028 | Put Option
Weighted Price (in dollars per share) | $ / MMBTU	2.50

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Derivative assets, current	[1]	$ 77,658	$ 21,086
Derivative assets, non-current	[2]	49,550	34,435
Derivative liabilities, current	[1]	177,298	81,456
Derivative liabilities, non-current		63,318	37,989
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative assets, current		77,658	21,086
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other assets (long-term) [Member]
Derivative assets, non-current		49,550	34,435
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities
Derivative liabilities, current		177,298	81,456
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Liabilities (long-term)
Derivative liabilities, non-current		$ 63,318	$ 37,989
[1]	Includes closed contracts which have not yet settled.
[2]	Includes open contracts and prepaid premiums paid for purchased put and call options.

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Change in fair value and settlement contract (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Financial Instruments
Realized loss	$ 43,694	$ 8,244
Unrealized loss	36,303	16,334
Derivative loss	$ 79,997	$ 24,578

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Financial Instruments
Derivative loss	$ 79,997	$ 24,578
Derivative cash payments, net	$ (30,515)	$ (4,604)

SHARE-BASED AWARDS AND CASH B_3

SHARE-BASED AWARDS AND CASH BASED AWARDS (Details Textual)	3 Months Ended
	Mar. 31, 2022shares
Restricted Stock Units [Member]
Granted, units (in shares)	0
Performance Share Units [Member]
Granted, units (in shares)	0
Restricted Stock [Member]
Granted, units (in shares)	0

SHARE-BASED AWARDS AND CASH B_4

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based compensation expense	$ 520	$ 454
Restricted Stock Units [Member]
Share-based compensation expense	251	338
Performance Share Units [Member]
Share-based compensation expense	205
Restricted Stock [Member]
Share-based compensation expense	$ 64	$ 116

SHARE-BASED AWARDS AND CASH B_5

SHARE-BASED AWARDS AND CASH BASED AWARDS - Summary of Compensation Expense Related to Share-based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based compensation expense	$ 520	$ 454
Total charged to operating (loss) income	2,732	3,975
General and Administrative Expense [Member]
Share-based compensation expense	520	454
Cash-based incentive compensation	1,957	2,682
Lease Operating Expense [Member]
Cash-based incentive compensation	$ 255	$ 839

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Note To Financial Statement Details Textual
Income tax benefit	$ (689)	$ (203)
Effective Income Tax Rate Reconciliation, Percent, Total	21.90%	21.40%
Deferred Tax Assets, Valuation Allowance, Total	$ 25,800		$ 24,400

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Note 11 - EARNINGS PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details)
Net loss	$ (2,457)	$ (746)
Less portion allocated to nonvested shares	0
Net loss allocated to common shares	$ (2,457)	$ (746)
Weighted average common shares outstanding - basic (in shares)	142,942	142,151
Dilutive effect of securities (in shares)	0
Weighted average common shares outstanding - diluted (in shares)	142,942	142,151
Earnings per common share - Basic (in dollars per share)	$ (0.02)	$ (0.01)
Earnings per common share - Diluted (in dollars per share)	$ (0.02)	$ (0.01)
Shares excluded due to being anti-dilutive (weighted-average) (in shares)	717	919

CONTINGENCIES (Details Textual)

CONTINGENCIES (Details Textual)	1 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jul. 25, 2017USD ($)	Dec. 31, 2010USD ($)
Loss Contingency Accrual, Ending Balance			$ 4,500,000
Additional Royalty Due To Disallowed Deductions					$ 4,700,000
Bonds Posted To Appeal IBLA Decision				$ 7,200,000
Collateral For Bonds Posted Related To Appeal With IBLA		$ 8,200,000		$ 6,900,000
BSEE [Member]
Loss Contingency Number Of Claims Filed	9
Proposed Civil Penalties	$ 7,700,000
Settlement Agreement Annual Instalments Value	$ 720,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Interests in and Operatorship of Certain Oil and Natural Gas Producing Properties [Member] - USD ($) $ in Millions	Apr. 01, 2022	Feb. 01, 2022
Subsequent Events
Cash consideration		$ 30.2
Subsequent Event
Subsequent Events
Cash consideration	$ 17.5